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Show Loan Terms Make it Easy to Reroof Home Credit regulations for home repairs, re-pairs, alterations and improve-1 ments remain liberal despite the recent restrictions imposed by the government on loans for new housing. Actually, it is easier to put an asphalt roof on your home than it is to buy a new refrigerator so far as the credit controls are concerned. con-cerned. A minimum down payment pay-ment of only 10 percent is required for home repairs and the home owner has 30 months to pay the balance. The minimum down payment pay-ment for a refrigerator is 15 percent per-cent and the balance must be paid in 18 months. Under Regulation W, which governs loans for home remodeling, remodel-ing, the home owner may spend up to $2,500 on a single contract The low required down payment pay-ment of 10 percent plus the long period permitted in which to pay the loan makes it easy for the home owner to finance Improvements, Improve-ments, thus protecting and increasing in-creasing the value of his investment. invest-ment. With the tighter restrictions restric-tions on new housing, it becomes even more essential that existing t homes be kept in good repair. There is nothing complicated about obtaining such a loan. The home owner simply arranges to borrow the amount he needs from his bank or other lending agency. The loan is guaranteed by the Federal Housing Authority to encourage en-courage lending agencies to extend ex-tend loans for remodeling and repairs. re-pairs. Suppose, for example, a new i roof is needed. The chances are i an asphalt shingle roof will be I selected because it is economical, ! fire-resistant and colorful. ! If the price of the new roof is $350 including the cost of applying apply-ing it a down payment of only $35, or 10 percent, will be required. re-quired. Small monthly payments, little more than $10.50, will take care of the balance of $315, spread over a period of two-and-a-half years. |